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Second Mortgage Credit Score Kingston

Second Mortgage Credit Score Kingston

Second Mortgage – Right Mortgage Broker

How Important Is My Credit Score

When applying for your second mortgage credit score Kingston is even more important than when you applied for your first mortgage. Because second mortgage lenders take on more risk as they are second in line if your property is foreclosed on they look for a great credit score as an indication of your ability to service the loan.

Your credit score is a numerical representation of your past financial history and is maintained by a few companies like Equifax and Transunion. The last thing you want to do is check on your credit score rating as every time you do it actually lowers your rating.

Talk to us first about you credit score. All our email or verbal conversations are confidential and we can determine your suitability for a second mortgage long before having to pull your credit score. As you will see with the Credit Score Example Chart below a lower credit score doesn’t disqualify you from obtaining a second mortgage but it may alter where you source the financing and will almost certainly affect your second mortgage interest rate.

The great news is that if you have a lower credit score we will structure your second mortgage in such a way that most times your credit score will increase in the short term. this will significantly increase your ability to find credit in the future.